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Why save? We could think of hundreds of reasons. Here’s our top-ten plus a bonus.
You’re going to need money in the future. Unless they abolish it, which seems highly unlikely.
Odds are that in 10 to 15 years you’ll need extra money. To build a home extension. No? Then how about giving the interior a fresh look? And what about the car? Or a holiday that you can now only dream of?
Surely, you don’t want us to give you more ideas. You do? So what about a nose job? Or on a more serious note: How about your retirement?
The kids need money in years ahead. Babies are so cute, bless them, but they cost you a handful.
And believe me, when they get older, it seems as if that hand suddenly gets a bottomless hole: clothes, bigger toys, education, sport, special birthdays and leaving-home pressies – there’s no end to it.
Before you know it, you need money you’re not even thinking about today. Ten, fifteen years – they’re gone before you start counting your pennies.
Don’t believe me? Have a look at How time flies.
Saving will make you feel less guilty. How? If you don’t put money away for a rainy day – or a better reason (see above), you could end up thinking “If only I had started saving earlier”.
Put some money away now to avoid that crushing feeling.
Saving gives you a warm feeling. You’re doing something positive. Start putting money away and soon you’ll be saying: “Thank goodness I did that.”
You’ll also feel even warmer in years to come. When you spend your hard-earned savings. OK, it doesn’t really make you feel cosy. But it sounds good to say it.
Saving is addictive. Put a small amount of money away each month. It quickly becomes a habit. Especially if you set up a Direct Debit payment to put money away on payday – you’ll hardly notice making payments.
But it’s a habit with a healthy high. You’re not going to believe how good you feel when you put money away.
Saving doesn’t need to cost much. You could of course put vast sums of money away. But if you don’t have trillions, a little bit every month does the trick.
Unsure? Have a look at Can I afford it?
You may think that £25 (or less) a month doesn’t amount to a lot of beans. I hate to tell you, but you’re wrong. Baked beans come at 28p a can in my local supermarket.
Plus, over time, say 10 to 15 years, saving £25 a month could give you thousands.
Saving in itself isn’t enough. And it won’t make you rich. Sorry, but we’ve got to say that.
You’ll find that at Scottish Friendly we go ape if we can’t find ways of investing your money in plans that minimise risk, lower cost and over time give you good returns.
But as you know, nothing is guaranteed, past performance doesn’t mean future success.
What’s that all about? Well, every UK resident can invest up to £25 per month tax-free with a society like Scottish Friendly. Invest that money with us and you don’t have to pay tax on the interest and the profit your investment makes (other than tax on dividends from UK shares).
It’s a simple tax trick – a £25 per month addition to your ISA allowance. It’s too good to miss.
Scottish Friendly is not responsible for the accuracy of the information displayed on externally linked third party websites. The Scottish Friendly Group of Companies consists of the following companies: Scottish Friendly Assurance Society Limited – Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of AFM, Member of ABI: Life, Savings and Investments. Scottish Friendly Asset Managers Limited – Authorised and regulated by the Financial Conduct Authority. Member of The Investment Association. Registered in Scotland No 187215: OEIC Managers, ISA Managers. Scottish Friendly Insurance Services Limited – Authorised and regulated by the Financial Conduct Authority. Registered in Scotland No 113007. SFIS (Nominees) Limited - Registered in Scotland No 397351. Head office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.